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Sapura Energy in race against time
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Glove stocks see red
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Brighter outlook for Malaysia s oil and gas sector
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HLIB Research downgrades rubber glove sector due to expected lower ASPs ahead
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KUALA LUMPUR (Aug 4): Hartalega Holdings Bhd’s latest quarterly results have smashed past market expectations.
There are bullish analysts, who are probably the contrarians now, raising their earnings forecasts and target prices (TPs) after the record-high quarterly results.
On the other end of the spectrum, the glove bears, which are growing in number, are downgrading Hartalega’s earnings simply because of the declining average selling prices (ASPs) and expectation of global demand for gloves to normalise. Furthermore, competition from China is getting fierce.
Hartalega’s net profit of RM2.26 billion for the first quarter ended June 30, 2021 (1QFY22) makes up 58% of the consensus full-year forecast as sales volume rose by around 50%, while ASPs were 13% higher quarter-on-quarter (q-o-q). Hartalega proposed a final dividend of 19.75 sen for the financial year ended March 31, 2021 (FY21).